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U.S. Home Prices On the Rise in Most Cities

US Home SalesGreat news for interested home sellers throughout the country: The price for single-family homes has increased in 88 percent of the country’s cities!

That’s according to third quarter data recently discussed in a Bloomberg article.

Experts are saying that the increase is directly attributed to buyers competing for limited inventories as well as a decrease in available foreclosed properties.

Listing Your Home on the Market

But the good news didn’t stop there for those home owners thinking about selling.

Here’s what else was revealed in the recent Bloomberg article:

  • The median transaction price showed year-over-year gains in 144 of 163 metropolitan areas measured, according to the National Association of Realtors
  • A third of those metropolitan areas had double-digit increases in median transaction price.
  • The U.S. housing market had five months of inventory in the third quarter, down from 5.9 months a year earlier
  • Completed foreclosures in September dropped a whopping 39 percent from a year earlier.
  • Some cities are seeing near record price gains, including San Francisco and San Jose.
  • The nationwide median price for an existing single-family home increased 12.5 percent in the third quarter year-over-year.
  • Specifically, the nationwide median price is now $207,300.
  • Those areas that saw the greatest price increases were Sacramento and Atlanta, which both saw increases of 41.8 percent.
  • Las Vegas and Punta Gorda, Florida had the next largest year-over-year price gains with 31.9 percent.
  • Other cities with large increases included Los Angeles (26.2 percent) and Phoenix (25 percent).
  • Those areas with the biggest price declines were all in Illinois. Peoria had the steepest drop with 13.9 percent, followed by Kankakee (down 9.9 percent) and Rockford (down 8.4 percent).
  • Meanwhile, the average mortgage rate for 30-year fixed loans was 4.1 percent.
  • That figure is up from a near-record low of 3.35 percent in early May
  • Meanwhile purchase contracts for exisiting homes dropped the most in more than three years in September.
  • During the third quarter, San Jose had the highest median home price with $805,000.
  • Rounding out the top three list was San Francisco (at $705,000) and Honolulu ($679,800.)
  • Meanwhile, those cities with the most affordable median home prices were Toledo, Ohio ($87,500), Rockford ($88,900) and Decatur, Illinois ($91,000).

This data suggests that the market is rebounding in a big way, giving home sellers an opportunity to get the price they want for their home.

National Data You Can Use!

Please be sure to check back here soon for updates on the state of the national housing market, and how it may affect your neck of the woods.

And if you have any specific questions as a home seller, make sure to contact us for expert advice and useful resources.

About The Adler Home Team

When looking to buy or sell in Northern New Jersey, you may rely on The Adler Home Team and their intimate knowledge of the distinct communities throughout the region. Jeff & Debby Adler continue to lead with contribution and have served over 1,100 families in their 20 year experience in Northern New Jersey. Through their combined efforts, this team of eleven professionals is very diligent in serving a full array of clients from first time buyers to those seeking their expertise in Residential, Condos, Townhomes, Luxury, New Construction, Relocation, Short Sales, Foreclosures and Rental Properties. By accessing the very best in technology, current market data and creative marketing applications, The Adler Home Team takes every measure to ensure that their clients are educated and provided with the critical insights that meet their specific requirements. They teach, lecture and train at the national level on negotiation skills, marketing and team building. The Adler Home Team is most proud and thankful for their strong referral business that confirms their talents, creativity, professionalism, diligence, knowledge, and outstanding integrity. The Adlers look forward to forming a partnership with their clients to help them reach their goals and make smart business decisions. So, when it comes time for you, a friend, or a family member to make a move, trust the Adler Home Team to win for you. Google

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